Special-purpose entities are created for a variety of valid business reasons which include separately accounting for certain employee benefit plans, transfers of financial assets in the banking industry and exclusion of certain accounts from consolidation in life insurance companies?

Select one:

True

False

The old standard for consolidation rules (ARB No. 51) relied on control from contractual and financial arrangements to determine if consolidation was required for two separate entities?

Select one:

True

False

If no primary beneficiary exits or the primary beneficiary can't be determined for any of the variable interest holders, then a Variable Interest Entity (VIE) would not be consolidated with any entity?

Select one:

True

False

Disclosures about VIEs may be reported in the aggregate for similar entities if separate reporting would not provide more useful information to financial statement users?

Select one:

True

False

The guidance does not require an ongoing reconsideration assessment of an enterprise that is the primary beneficiary of a VIE?

Select one:

True

False